By Giulia Petroni

Enel has signed an agreement to sell a 50% stake in Enel Green Power Australia to Japanese oil company Inpex Corporation, in line with its strategic plan.

The European utility said Thursday that the deal is expected to have a positive impact of around 87 million euros ($96.8 million) on its adjusted earnings before interest, taxes, depreciation and amortization, as well as a positive effect on the group's net debt of around EUR145 million in 2023.

Enel Green Power Australia is valued at around EUR400 million, it said.

Upon closing, Enel Green Power and Inpex will jointly control the Australian business and continue to develop its renewable project pipeline.

The stake sale is subject to authorities clearance, Enel said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 13, 2023 01:31 ET (05:31 GMT)

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